Contract Research Organization (CRO) Market Industry Insights with Top Players: Charles River Laboratories, Clinipace, CMIC HOLDINGS
Growing technological advancements in clinical trials is another key driver that will accelerate the industry growth. Technology plays a crucial part in clinical trial projects as well as post-approval of products. Innovations in technology to offer efficacy and safety in product development process will drive CRO market growth. However, intellectual property problems occurring at several points during the research may hamper business growth over the forthcoming years.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• Charles River Laboratories
• CMIC HOLDINGS
• PRA Health Sciences
• IQVIA Synteract
• Worldwide Clinical Trials
• WuXi AppTec
• EPS International Holdings Co., Ltd.
Clinical research services segment held the largest revenue share of 57.2% in 2017 and is projected to show robust growth over the forecast period. Increasing R&D investment coupled with various government initiatives to support drug development for various chronic diseases will augment the segmental growth. Adoption of clinical trials to determine safety and efficiency parameters will drive the clinical research services revenue size.
Early phase development services segment is anticipated to witness highest CAGR of 7.8% during forthcoming years. Discovery of competences in the early phases of clinical trials will positively influence segmental growth in coming years.
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Oncology segment was valued at USD 18.6 billion in 2017 and will show similar trend during the forecast timeframe. According to the American Institute for Cancer Research in 2018, globally there were 18 million cases of cancer. Increasing burden of cancer has led to an increased investment in R&D of cancer drugs thereby, fostering the industry growth.
Ophthalmology segment will witness lucrative CAGR of 10.0% over the forecast period owing to growing prevalence of eye related diseases. Visual impairment is a national and global health concern that negatively affects wide range of population. Furthermore, growing burden of diabetes in developed as well as developing countries will accelerate the need for treatment of various ophthalmic diseases thus, fostering segmental growth.
U.S. CRO market dominated North America region and was valued at USD 13.1 billion revenue in 2017 and is expected to show similar trend over the coming years. The high growth is attributed to strong foothold of major pharma and medical device companies coupled with extensive drug development activities in the U.S. Moreover, high healthcare expenditure in the country and growing concern regarding drug safety and adverse drug reactions among the population will boost CRO business growth.
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Contract Research Organization (CRO) Market, By End-use (USD Million)
• Pharmaceutical & biopharmaceutical companies
• Medical device companies
• Academic institutes
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